(Chevron Century Boulevard, Picture Fin24)
Cape Town – Chevron said it was considering selling its 75% stake in its South African unit.
Chevron has made a decision to solicit expressions of interest for the stake, a sale that would form part of a three- year asset divestment programme announced in 2014, the San Ramon, California-based company said in an emailed statement.
“This demonstrates Chevron’s continuing focus on balancing our global portfolio with our long-term business priorities,” Mark Nelson, Chevron’s president of international products, said in the statement.
Chevron’s South African unit operates a 110 000-barrel-a- day refinery in Cape Town, a lubricant plant in the eastern port city of Durban and markets its products through more than 845 Caltex filling stations, according to its website.
Laura Sweeney, a company spokesperson, declined to give a time frame for the asset sale or to say which companies have expressed interest.
– Bloomberg News